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Pension and Retirement Planning

Pension and Retirement Planning

Planning for your retirement may seem like a long way off; but it is never too early to start making sure that you are ready for it. This is especially true when you think that we are all starting to live longer, meaning that you could be relying on the funds from your pension for around 20 years.

This means that no matter how far off it is, there is very good reason to start financially planning for your retirement and looking at your pension options.

Automatic enrolment in workplace pensions

One of the big news stories of late is that employees are now to be automatically enrolled into a workplace pension. This means that you would need to opt out of any plans, rather than opting in. This change was devised in order to ensure that more people take advantage of these pension plans.

The state pension

The state pension is a pension that everyone is entitled to receive; no matter what you have saved up during your life. Whilst many people seem to think that this is enough and therefore do not put any additional plans into place; the stark reality is that the amount offered up is much lower than many can live on.



Personal pensions

Aside from state pensions and pensions offered in a workplace, an individual can decide to arrange a personal pension too.

How can an accountant help?

If you want advice and guidance on arranging a pension, then an accountant may just be the person to help you. They not only have a wealth of knowledge on pensions but they can also point you in the right direction of different products and providers that may be right for you.

Business owners can also benefit from speaking to an accountant about their retirement plans. They can help you to put together an exit strategy, succession plans and of course what to do if you want to sell your business to an external buyer.

Having a solid pension plan can not only give you financial security later on in your life, but it can also give you the peace of mind that you can live comfortably, after so many years of working hard.